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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 15. Mutual Savings Bank Act
- Section 140. Commencement of Operation.
previous: Section 130
. Deposit of Funds.
next: Section 150
. Surplus Requirements.
AS 06.15.140. Commencement of Operation.
- (a) A mutual bank may not begin operation until the department has given its approval to do so. The department may not
grant approval to begin operation until the mutual bank has qualified as an insured bank under the Federal Deposit
Insurance Act and complied with the provisions of AS 06.05
(Alaska Banking Code) that are not inconsistent with this chapter. A mutual bank that ceases to be qualified under
this subsection shall immediately stop operation.
- (b) A mutual bank may not commence operation until it has deposited in cash to its credit as an expense fund such sums as
the department may require. The deposit shall be evidenced by transferable deferred payment certificates.
Article 02. BANKING PRACTICES
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